According to ECB President Lagarde, the eurozone faces weaker growth and greater inflation.

(Reuters) – European Central Bank President Christine Lagarde warned on Wednesday that Europe is facing weaker growth and greater inflation as a result of the Ukraine crisis.

“We will confront higher inflation and weaker development in the near term,” she stated during a speech in Nicosia. “The longer the conflict continues, the greater the economic consequences and the greater the possibility that we will see more disastrous situations.”

According to Lagarde, families are already gloomy and are reducing growth, while corporate investment is also set to suffer.